Constantly bandied about, 'crisis' has tended to be a much-overused word. Understanding the economy and its future challenges requires a detailed and precise analysis of what an economic crisis is. This book sets out to do just that. It first provides a deep historical context of what economic theory says about crises and their perpetual return in the form of a cycle. It then looks at what lessons might be...

Constantly bandied about, 'crisis' has tended to be a much-overused word. Understanding the economy and its future challenges requires a detailed and precise analysis of what an economic crisis is. This book sets out to do just that. It first provides a deep historical context of what economic theory says about crises and their perpetual return in the form of a cycle. It then looks at what lessons might be learned from this. Since 1945, the world economy has been dominated by the United States, so an analysis of recent crises must necessarily consider public policy response in this country. The book attempts to answer the question of whether American leadership has emerged unscathed from the damage inflicted by the 1975, 1992, 2009 and 2020 recessions and their legacies of debt.As for environmental issues, this book interrogates whether they carry with them a devastating crisis, reminiscent of the 'nutritional trap' theorized by Nobel Prize winner Angus Deaton, and asks if there will be a return to times of extreme scarcity as seen prior to the mid-18th century.